Many legal documents, but especially leases, set out a strict timetable and procedure for the delivery of notices. Never can this be more improtant than with the delivery of Lease Break Notices.
Get it wrong and you can forfeit the ability to exercise the option, a very expensive mistake. So here are our notes and guidelines to help minimise those mistakes.
1 Read your lease. Then……..re-read your lease. This is the arbiter if there is a dispute. So keep to the rules of the lease even if they seem not to follow common sense. It is easier for the other party to dispute your actions if you fail to meet the strict lease requirements.
2 Don’t leave it to the last minute. Plan your moves well in advance and in conjunction with your business plans and get your estates working for the business and not your business working around your lease(s).
3 Who are you issuing the notice to? The landlord, the tenant, the agent or A.N. Other? Again check the lease requirement. If you want to send it to the legal team as well then ok, but check and re-check what the agreement, contract or lease requires, as an absolute minimum.
4 Check and re-check what is to be done and when.
5 Keep a diary of events.
If you are unsure what is to be done, or even if you have a lease break option then contact the team at RPS Lt and let us manage your options for you.